Pendulum is extremely pleased and takes enormous pride in their official announcement of having positioned the Pendulum parachain live on the Polkadot mainnet. The highlighting feature for them, however, is that, as per their plans, this occurrence is the first phase of their 3-phase Pendulum Launch gameplan. The roadmap for this includes three phases: the first being the mainnet launch, the second being the Token Transferability Event, and the third being the PEN listing. According to their vision and goal, all of this should be completed by March 2023.
The introduction of the mainnet, which is the first phase of the planned Pendulum project, plays a significant role for both the project and the connected community. It seems like more than a whole year has passed since the planning phase started, so the team members are certainly thrilled that it has finally been given the green light. With the setting up of the Pendulum parachain on the Polkadot network, the first phase is now complete. The first block carries a weight of 411 nanoPEN.
Currently, the governance of the parachain falls under the purview of a council called sudo. It will be taken over by a decentralized community governance structure in the coming days. As far as PEN tokens are concerned, their production has been completed. In this case, the presale participants’ tokens will be distributed. However, they won’t be able to trade or transfer them until they’ve been told correctly.
In the case of the incorporation of the Polkassembly, the task has been finished. This, incidentally, happens to be a platform where a user can have himself heard, with the help of the Polkadot decentralized governance methods that will transfer control of Pendulum to them. All of the decisions affecting it will be made at this very point. It will be the Pendulum Portal V1 that will go live in the very near future. It will serve as a one-stop shop for staking both AMPE and PEN Tokens.
The next phase, according to the plans and road map, will be the Token Transfer Event (TTE). This will help enable token transfers. However, they will not be able to be traded. In contrast, Crowdloan participants will be able to acquire their own PEN tokens through the Pendulum Portal. The third phase will then commence with the addition of PEN listings to the Zenlink AMM. Here, it will be possible to receive incentives through the provision of liquidity. The 0xAmber Forex-optimized AMM and the Spacewalk bridge connecting Stellar and Polkadot will thereafter become operational.
Where the pendulum is concerned, it happens to be creating the connection between fiat and DeFi with the help of a fiat-maximized smart contract blockchain, which happens to be based on Polkadot’s Substrate. This opens the doors for conventional finance fiat services to incorporate DeFi applications like exclusive forex AMMs, lending protocols, or, for that matter, yield farming options. It happens to have been developed by SatoshiPay.
